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Singapore Airlines Limited (C6L) Fair Value & Analysis

Industrials · SG · Market cap 23.9B SGD (≈ $18.9B) · ISIN SG1V61937297

What is Singapore Airlines Limited really worth?

SA Singapore Airlines Limited C6L · SG
Price6.76 SGD
Fair Value7.89 SGD
Upside+16.7%
Quality48/100

Below-average quality, trading 14% below our fair value of 7.89 SGD.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (9/15)

Risks

!Mixed Growth (revenue 5y +40.0 %/yr)
!Thin margins · 5.8% net margin
!Narrow moat 40/100
!Weak on past: 29 out of 100

For context

·5.62% dividend yield
Evidence: High Range 5.92 SGD – 9.86 SGD

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price −12.1% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

7.84 SGD 3.93 SGD Fair Value 7.89 SGD Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 3.93 SGD – 7.84 SGD · fair‑value band 5.92 SGD – 9.86 SGD · the 6.76 SGD price screens below the 7.89 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Singapore Airlines Limited (C6L) currently trades at 6.76 SGD, while our model-based Fair Value estimate is 7.89 SGD, implying the stock looks roughly 14.3% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of 13.82 SGD per share, and 19 of the 26 models we run sit above the 6.76 SGD price. Bear case: the Asset-Based group reads lowest at 3.67 SGD, and 7 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Singapore Airlines Limited generated revenue of 20.5B SGD at a net margin of 5.8%. Revenue grew 8.0% year over year. It earns a return on equity of 7.3%. Net debt stands at 1.3B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 5.92 SGD (bear case) to 9.86 SGD (bull case); at 6.76 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 9% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 59% fair-value upside, at 17%, C6L screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 10.10 SGD 17.23 SGD 29.32 SGD 78
Growth DCF 10.08 SGD 16.74 SGD 27.82 SGD 76
Residual Income 4.47 SGD 4.72 SGD 5.01 SGD 76
All 26 models by family
DCF Models
FCF DCF best evidence 10.10 SGD 17.23 SGD 29.32 SGD 78
Owner Earnings 4.60 SGD 7.56 SGD 12.58 SGD 74
5Y Revenue Exit 8.47 SGD 13.82 SGD 20.95 SGD 72
5Y EBITDA Exit 13.33 SGD 23.65 SGD 36.50 SGD 74
5Y P/E Exit 7.42 SGD 11.69 SGD 16.43 SGD 70
10Y Revenue Exit 8.71 SGD 13.93 SGD 21.67 SGD 66
10Y EBITDA Exit 12.14 SGD 21.06 SGD 34.45 SGD 66
10Y P/E Exit 8.26 SGD 12.39 SGD 17.95 SGD 64
Earnings-Based
Graham-Dodd 2.56 SGD 11.10 SGD 15.17 SGD 64
Lynch FV 2.85 SGD 4.08 SGD 5.30 SGD 61
PEG = 1.0 2.85 SGD 4.08 SGD 5.30 SGD 57
EPV 7.40 SGD 8.52 SGD 9.50 SGD 74
Dividend Discount
Gordon GGM 3.39 SGD 7.04 SGD 11.17 SGD 66
DDM Multi-Stage 3.39 SGD 5.94 SGD 7.39 SGD 66
Multiples
P/E Multiple 5.92 SGD 7.89 SGD 9.86 SGD 63
P/S Multiple 4.79 SGD 6.39 SGD 7.99 SGD 58
P/B Multiple 4.79 SGD 6.39 SGD 7.99 SGD 55
EV/EBIT 10.67 SGD 13.99 SGD 17.31 SGD 66
EV/EBITDA 16.19 SGD 21.35 SGD 26.51 SGD 67
EV/Revenue 7.82 SGD 10.87 SGD 13.91 SGD 54
Asset-Based
NCAV (Graham) 2.74 SGD 3.67 SGD 5.48 SGD 54
Growth DCF
Growth DCF 10.08 SGD 16.74 SGD 27.82 SGD 76
Rev-Margin DCF 8.47 SGD 13.74 SGD 20.41 SGD 72
Economic Profit
Residual Income 4.47 SGD 4.72 SGD 5.01 SGD 76
ROIC Compounder 8.10 SGD 10.70 SGD 14.23 SGD 72
Growth Earnings
Growth-Adj P/E 4.74 SGD 6.78 SGD 8.81 SGD 67

Widest divergence: DCF Models (13.82 SGD) versus Asset-Based (3.67 SGD). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 17.8
P/S ratio 1.03 P/E × margin
EPS (TTM) 0.3800 SGD price ÷ EPS = P/E 17.8
Dividend yield 5.6% payout 100%
Net margin 5.8% FY2026
Return on equity 7.3% TTM
More key figures
Profitability
Return on assets (EBIT) 4.5% avg 5y
Operating margin 14.5% TTM
Growth
Revenue (TTM) 20.5B SGD TTM
Revenue growth (YoY) +8.0% 3y avg +4.9%
EPS growth (YoY) −53.5%
Balance sheet & cash flow
Free cash flow 2.4B SGD FY2026
Net debt 1.3B SGD FY2025 · ≈ 0.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 50 · Market factors (momentum, volatility) 59

Profitability 31
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 42
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Singapore Airlines Limited, together with subsidiaries, provides passenger and cargo air transportation services under the Singapore Airlines and Scoot brands in East Asia, Europe, South West Pacific, the Americas, West Asia and Africa, and internationally. It operates through The Full-Service Carrier, The Low-Cost Carrier, and Engineering Services segments.

Full company description

Singapore Airlines Limited, together with subsidiaries, provides passenger and cargo air transportation services under the Singapore Airlines and Scoot brands in East Asia, Europe, South West Pacific, the Americas, West Asia and Africa, and internationally. It operates through The Full-Service Carrier, The Low-Cost Carrier, and Engineering Services segments. The company offers engineering services, pilot training services, air charters, and related services; tour activities; refurbishes aircraft galleys; payment and lifestyle reward app; and sells merchandise. It also provides aircraft maintenance services, including technical and non-technical handling at the airport; line maintenance services; maintenance, repair, and overhaul of aircraft and cabin components/systems; fleet management; repair and overhaul of hydromechanical equipment; aviation insurance; and airframe maintenance and overhaul services, as well as manufactures aircraft cabin equipment and tooling for the aerospace industry. In addition, the company offers marketing and supporting portal services for the air cargo industry, as well as travel-related retail services; and payment and related services. Further, it provides travel booking and related services through an online portal; marketing of cargo community system; corporate support; aviation insurance; and educational support services. Singapore Airlines Limited was founded in 1947 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Singapore Airlines Limited reported revenue of 20.5B SGD in FY2026 versus 7.6B SGD in FY2022, a compound +28.1%/yr. Reported net income was 1.2B SGD in FY2026.

Growth Quality 90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
20.5B SGD
Latest YoY
+5.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.9%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+40.0%
Avg. revenue growth/yr (12Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.5%
Value creation/yr (3Y) ⓘEarnings growth per share (CAGR 3 years, EBIT basis) plus dividend yield: value created per share and year.
+0.4% (−5.2 + 5.6)
Revenue +28.1%/yr
FY22 7.6B SGD
FY23 17.8B SGD
FY24 19.0B SGD
FY25 19.5B SGD
FY26 20.5B SGD
Net income
FY22 −962M SGD
FY23 2.2B SGD
FY24 2.7B SGD
FY25 2.8B SGD
FY26 1.2B SGD

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Singapore Airlines Limited · Fair Value
7.89 SGD +14%Fair Value
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Cite: Fair Value Calculator (2026). "Singapore Airlines Limited Fair Value". https://www.fairvalue-calculator.com/stock/C6L

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Airlines · 57 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Above median
Fair Value upside +17% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 3% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 14% · Top 25%
Revenue growth 8% · Below median
Dividend yield (TTM) 5.6% · Top 25%
Debt / equity 0.33× · Lower than 75% of peers

Valuation Multiples vs Airlines median · lower = cheaper

P/E (TTM) 17.8× · Pricier than median
P/B 1.09× · Cheaper than 75% of peers
P/S (TTM) 0.92× · Pricier than median
P/FCF 8.0× · Pricier than median
EV/EBITDA 3.8× · Cheaper than median
PEG 14.06× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE56 · sector 56
FUTURE40 · sector 51
PAST29 · sector 48
HEALTH83 · sector 69
DIVIDEND100 · sector 48

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $80.07 $115.82 +45%
United Airlines Holdings UAL $110.60 $175.62 +59%
Ryanair Holdings RYA €25.47 €41.26 +62%
Southwest Airlines Co LUV $38.73 $14.76 −62%
InterGlobe Aviation Limited INDIGO ₹5,166 ₹3,073 −41%
Air China Limited 601111 ¥5.94 ¥7.16 +21%
LATAM Airlines Group LTM $52.50 $106.79 +103%
China Southern Airlines Company 600029 ¥5.08 ¥1.28 −75%
Deutsche Lufthansa AG LHA €7.99 €18.94 +137%
China Eastern Airlines Corporation 600115 ¥3.57 ¥14.20 +298%

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Frequently asked questions

Is Singapore Airlines Limited (C6L) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 7.89 SGD versus a price of 6.76 SGD, about +17% upside (undervalued).
What is the fair value of C6L?
Our model-based fair value for Singapore Airlines Limited is 7.89 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price: 6.76 SGD.
What is the quality score of C6L?
Singapore Airlines Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Singapore Airlines Limited (C6L)?
Singapore Airlines Limited reported trailing-twelve-month revenue of about 20.5B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of C6L?
The net profit margin of Singapore Airlines Limited is about 5.8%, meaning it keeps roughly 5.8% of revenue as net income. Based on the latest reported figures.
Does Singapore Airlines Limited pay a dividend?
Singapore Airlines Limited currently shows a dividend yield of about 5.62% relative to its recent price (as of Aug 13, 2026).
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